Rivalry said expansion into new segments helped drive revenue up by 34% year-on-year to $35.7m (£28.3m/€33.0m) in 2023, while the betting operator was also able to reduce net loss.
In a preliminary results announcement, Rivalry said revenue growth was complemented by higher betting handle and gross profit. All this, it added, contributed to a 22% reduction in net loss.
Reflecting on 2023, co-founder and CEO Steven Salz highlighted the operator’s diversification as the main reason for its success. He said growth in new markets such as traditional sports, casino and fantasy, alongside its core esports offering, allowed it to emerge from 2023 as an “increasingly diversified” business.
“Last year we gained meaningful traction in new segments,” Salz said. “This is widening our opportunity set and positioning us for sustainable growth in the medium- to long-term.
“We’re happy to have finished the year with all-time high customer economics, diversified revenue streams and a reinforced co..
